Crypto Trader Sells $2.5M In Ferraris To Buy More Bitcoin

Crypto influencer and trader Carl Runefelt, known as "The Moon," said he sold two Ferraris worth a combined $2.5 million to increase his exposure to Bitcoin (CRYPTO: BTC).

Historically Significant Support Zones

In a podcast on Friday, trader Runefelt argued that Bitcoin is approaching one of its most historically significant support zones.

He pointed to the 200-week moving average, a long-term technical indicator that has previously coincided with major market bottoms.

Runefelt said he views BTC’s current decline as a rare accumulation opportunity.

The average reflects Bitcoin’s average price over approximately four years, broadly aligning with the cryptocurrency’s halving cycle.

Rather than entering his entire position at one price, Runefelt said he places several limit orders throughout the support zone to build an average entry.

Why He Is Avoiding High Leverage

Runefelt cautioned against using significant leverage around long-term technical levels because Bitcoin can briefly fall below widely watched support before reversing.

Sharp declines can trigger stop-loss orders and liquidations positioned beneath the moving average, wiping out leveraged traders immediately before a potential rebound.

Runefelt claimed he currently has more than $2.5 million in Bitcoin positions open on MEXC, in addition to another profitable position on Bybit.

Bitcoin’s History Around The 200-Week Average

Runefelt cited several previous occasions when Bitcoin traded near or below its 200-week moving average before beginning major rallies.

• Bitcoin fell to approximately $154 in January 2015 before climbing toward $19,680 in December 2017.
• It declined to roughly $3,120 in December 2018 and rebounded to almost $13,870 within six months.
• During the March 2020 pandemic-driven selloff, Bitcoin briefly dropped below $4,000 before reaching nearly $64,860 roughly 13 months later.
• Runefelt also pointed to the 2022 bear market, when Bitcoin remained below the long-term average for several months before recovering in the subsequent cycle.

"Historically, each of these touches has marked a bottom right before the next parabolic rally," he said.

Photo: William’s photo / Shutterstock.com